Jennifer Aniston Engagement Ring Worth $1 Million? (PHOTO)

Cast member Jennifer Aniston poses at the premiere of "Horrible Bosses" at the Grauman's Chinese theatre in Hollywood, California June 30, 2011. The movie opens in the U.S. on July 8.

Jennifer Aniston's engagement ring recently set tongues wagging after the actress was spotted flaunting the large diamond during an outing with her fiancé Justin Theroux. New reports suggest that her new sparkler may be worth over $1 million.

Aniston, 43, accepted Theroux's proposal in August and up until Saturday, fans were eagerly anticipating their first glimpse at her engagement ring and the stunning oval-shaped diamond ring did not disappoint. One expert weighed in on just how extravagant Aniston's ring may be.

"If this is a fine quality diamond of at least 10 carats, which it looks to be from initial photos, we could be talking about a million dollar ring here," gemology and jewelry expert Anthony Sarkissian of Beverly Hills' Premier Jewelry Lenders reportedly told Hollywoodlife.com.

"10 carat and over diamonds command a premium price in the diamond industry, because they are more rare than smaller diamonds. The ring looks to be a Cushion Cut or Oval Shape diamond, mounted in a classic Halo design. It may have Micro-Pave diamonds around the center stone as well," he went on.

The former 43-year-old former "Friends" star was photographed caressing Theroux's face in Santa Fe on Saturday when onlookers caught glimpses of her diamond sparkler. Theroux was reportedly visiting Aniston, who is currently filming "We Are the Millers" in the area, according to People.com.

New reports suggest that both Aniston, who was previously married to actor Brad Pitt, and Theroux, 41, are eager to tie the knot. The couple has allegedly selected Feb. 14 as their wedding date.

"Jen and Justin are super anxious to tie the knot, but they looked at their schedules and decided this coming February 14 is reasonable to shoot for," a source reportedly told OK! Magazine.

"Jen just wants to make sure they get married before Justin starts filming Swear to God," the source added, referencing Theroux's upcoming project.